Edward Jones is one of the largest brokerage firms in the United States, with almost 6 million clients and the most branch offices in North America. The company was founded in 1922 by Edward D. Jones, Sr. The company is privately-held, and has had only 5 managing partners since its founding.
In 2005, Edward Jones reached a $75 million settlement with the SEC, NASD, and NYSE over charges stemming from its mutual fund sales practices. The company admitted that it had sometimes encouraged brokers to push certain mutual funds on customers. The scandal forced the Managing Partner at the time to step down, and also resulted in another settlement with the state of Missouri.To Learn More
- Edward Jones Reaches $75 Million Settlement Over Mutual Fund Sales
- Edward Jones Reaches $1.5 Million Settlement With State of Missouri
- Top Executive at Edward Jones Steps Down
- Misconduct at Major Brokerage Firms